” Mr Gensler turned to politics and helped draft the Sarbanes-Oxley corporate governance law. After working on Hillary Clinton’s presidential campaign in 2008 he joined the transition team of President Barack Obama, which landed him his position at the CFTC.

It has not been an easy ride. Democratic lawmakers placed a hold on his confirmation over concerns he would not be tough enough. Dennis Kelleher of Better Markets, an organisation advocating stronger financial regulation and a Democratic staffer at the time, was “extremely sceptical”. Now, he says: “I don’t think anyone can fairly criticise Chairman Gensler for either being too close to Wall Street or doing anything to favour Goldman Sachs.” “

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Read Kara Scannell and Gregory Meyer’s full story here.